February 21, 2017 - FIF Front Office Meeting Agenda

Meeting Agenda

  • FINRA Updates 
    • EBS
      • Feb 1, 2017:  Reg Notice 17-05 - Effective Feb 1, 2017, FINRA and the other U.S. members of the Intermarket Surveillance Group (ISG members) have updated several data elements for Electronic Blue Sheets (EBS).
    • TRACE
      • Jan 30, 2017:  TRACE Testing for CMO Trade Reporting and Dissemination - On Monday, March 20, 2017, FINRA will release new software with changes and enhancements to TRACE trade reporting and dissemination for collateralized mortgage obligation (CMO) securities.
      • Jan 26, 2017:  FINRA will be holding a phone-in workshop to discuss the rules requirements and implementation considerations.  Please click here to register.
        • If your firm has any specific questions that you would like included in FINRA's TRACE for Treasuries workshop, please forward to fifinfo@fif.com by Friday, January 20th at 3:00 pm.  
      • Jan 3, 2017:  TRACE for Treasury Securities Specifications– FINRA has updated the TRACE Technical Specifications for Treasury Securities to reflect a rule filling that includes a change to the definition of a “When-Issued Transaction.”
    • TRAQS
      • Jan 27, 2017: TRAQS TRACE Reporting Enhancements - On Monday, March 20, 2017, FINRA will implement enhancements to the secure FINRA TRAQS Website for TRACE Corporate and Agency and Securitized Products trade reporting.
    • OATS
      • Jan 20, 2017: OATS Reporting Technical Specifications – FINRA released a new edition of the OATS Reporting Technical Specifications. 
    • FINRA Exam Priorities
      • Jan 4, 2017:  FINRA Exam Priority Letter - FINRA published their annual Regulatory and Examination Priorities Letter.
    • T+2
      • Feb 9, 2017:  SR-FINRA-2016-047 - Order Granting Approval of a Proposed Rule Change to Amend FINRA Rules to conform to the Commission’s Proposed Amendment to Commission Rule 15c6-1(a) and the Industry-led Initiative to Shorten the Standard Settlement Cycle for Most Broker-Dealer Transactions from T+3 to T+2.
  • Exchange Updates
    • Feb 3, 2017: MIAX PEARL Confirms February 6, 2017 Launch Date (Press Release) For further information, contact MIAX Trading Operations at TradingOperations@MIAXOptions.com
  • FIF Working Group Updates: Please click here to Join Working Groups
    • Consolidated Audit Trail (CAT)
      • Feb 3, 2017:  FIF submitted a comment letter to the SEC requesting permanent relief with respect to the current November 1, 2017 compliance date for Phase Three of Rule 13h-1.
      • Jan 26, 2017: SR-FINRA-2017-003 - Proposed rule change to adopt the FINRA Rule 6800 Series to implement the compliance rule regarding the National Market System Plan Governing the Consolidated Audit Trail (the “CAT NMS Plan” or “Plan”).
      • Next FIF CAT meeting will be held on Thursday, February 23rd @10:00 am ET.
      • CAT NMS Plan Website
    • Mark-Up/Mark-Down
      • Feb 17, 2017:  Reg-Notice 17-08 - SEC Approves Amendments to Require Mark-Up/Mark-Down Disclosure on Confirmations for Trades With Retail Investors in Corporate and Agency Bonds.
      • FIF held a joint session with FINRA/MSRB on Wednesday, February 8th to discuss recent amendments to Mark-Up/Mark Down requirements.
      • Next meeting:  March 2 @ 4:00 PM ET.
    • TRACE for Treasuries
      • FIF will be holding working group meetings to address implementation concerns pursuant to new TRACE for Treasuries rules.
    • Cost Basis Working Group
      • The next Cost Basis Working Group meeting will be held on Thursday, March 2nd @ 11:00 am ET.
    • ATS
      • FIF held a working group meeting with FINRA to discuss ATS sequencing codes
    • Data & Technology
      • Next Meeting:  Wednesday, February 22nd @ 10:30 am ET.
    • Monthly Reports/Regulatory Initiatives Tracking Site
      • FIF Retail Execution Quality Statistics
      •  FIF Regulatory Initiatives Tracking Site - (Requires FIF Website Login)
      • Market Data Capacity Statistics – (Requires FIF Website Login)
    • Additional Updates
      • Feb 10, 2017:  OTCE Monthly Share Volume Corrections - FINRA has updated the current and historical OTCE Monthly Share Volume data, available on the otce.finra.org website.
      • January 21, 2017:  Report on Distributed Technology - FINRA issued a report on the use of Distributed Ledger Technology (Blockchain) and it's potential impact on the finacial services industry.
    • Additional Updates - Equities
      • Feb 15, 2017: SR-NYSEMKT-2016-99 - Order Instituting Proceedings to Determine Whether to Approve or Disapprove a Proposed Rule Change Amending Rule 104 - Equities to Delete Subsection (g)(i)(A)(III) Prohibiting Designated Market Makers from Establishing a New High (Low) Price on the Exchange in a Security the DMM has a Long (Short) Position During the Last Ten Minutes Prior to the Close of Trading
      • Feb. 10, 2017:  ETA 2017-31 - The Nasdaq Stock Market (“Nasdaq”) will participate in T+2 testing on February 13, 2017 allowing firms to test transactions from order execution through trade reporting at NSCC, including each firm’s own trade execution systems, internal trade routing and reconciliation processes.
      • Feb. 9, 2017: SR-NASDAQ-2017-016 - Proposal to amend Exchange Rule 7014(j) to modify the conditions for qualifying for the Nasdaq Growth Program; and to amend Rule 7018(a) to modify the volume requirements needed to qualify for a credit per share for members that add liquidity on both Nasdaq and the Nasdaq Options Market. 
      • Jan. 31, 2017: New Timing: Nasdaq and BX Modify Functionality of Post Only Orders 
      • Jan. 30, 2017: SR-NYSEMKT-2017-02 – Amendment 1 Rule Change to adopt the Rule 6800 Series to Implement the Compliance Rule Regarding the National Market System Plan Governing the Consolidated Audit Trail 
      • Jan. 30, 2017:  New Timing: Nasdaq To Implement New Limit Order Protections 
      • Jan. 25, 2017: SR-NYSEMKT-2017-04 - Proposes rules relating to market makers that would be applicable when the Exchange transitions trading to Pillar, the Exchange’s new trading technology platform.
      • Jan. 25, 2017: SR-NYSEMKT-2017-01 - Proposal new rules to transition trading on the Exchange to Pillar, the Exchange’s new trading technology platform, and to operate as a fully-automated cash equities market.
    • Additional Updates - Options
      • Feb 14, 2017:  SR-CBOE-2017-088 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Order Granting Approval of a Proposed Rule Change, as Modified by Amendment No. 1, Related to the Nullification and Adjustment of Options Transactions
      • Feb. 7, 2017: 34-79981 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Allocation and Priority Rules
      • Feb. 2, 2017:  SR-CBOE-2017-012 - Proposed Rule Change Related to CAT
      • Jan. 26, 2017: SR-CBOE-2017-010 - Proposal Regarding Rule 6.6 
      • Jan. 24, 2017: SR-CBOE-2017-009 - Proposed Rule Change Related to Allocation and Priority.
    • Next Meeting Date:  Tuesday, March 21, 2017 @ 4:00 PM ET.